How do you get a company to accept a settlement figure

nametaken

I had a credit card debt that was passed to a collection agency who doubled the debt. They sent a man round the house starting last year who said I could pay off the debt for £1000 less, or pay it all at £50 a month. I didn't have much money so I had to agree to £50 a month. Now I have some money I would like to ask them for a settlement figure but dont know how. Can anyone point me in the right direction. I'd be grateful.

Tixy

Here is an example letter to send to offer a settlement - http://www.nationaldebtline.co.uk/england_wales/temp/8730_28951.pdf

I would amend it to include a deadline that the offer is available for, say 2-3weeks from the date of your letter.

Start with a low offer (they may neogtiate you upwards). What did you owe at the time they offered you a £1000 settlement? If the debt has been with the DCA a while you could start at around 30%

Hughesy84

Simples.........

Ring them and say "How much do I now owe. Then say if I was to settle to today, what is the best settlement figure you could give me"

Iv done it for other people (at least 5 times) and its always worked.

Tixy

If you take Hughesy advice and speak to them by phone its important to make sure you get in writing from them that the payment is in full & final settlement of the debt and that neither they nor anyone else will chase you for the debt. And that your credit file will be marked as satisifed (or at least partially satisfied). Get this in writing before you make the payment or years down the line they could be chasing you for the balance.

nametaken

I have asked them to put the settlement figure in writing but they won't. They say it's not their policy to put it in writing.

mitty_2

nametaken wrote: »

I have asked them to put the settlement figure in writing but they won't. They say it's not their policy to put it in writing.

I would tell them it's not your policy to settle without it in writing....

Tixy

Don't settle unless you have it in writing - sounds like a con - which DCA is it?

National debtline factsheet - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

see the second section 'how to make an offer' for the guidelines to follow